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<TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD height=7 colSpan=3></TD></TR><STYLE type=text/css> <!-- .bodytext_10pt { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10pt; font-weight: normal; color: #000000; } --> </STYLE><!--tr> <td colspan="3"> </td> </tr--><!-- ~RENDER PAGE MARKER~ --><!-- Story With Image Start --><TR><TD vAlign=top width=350>
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</TD></TR><TR><TD class=content_subtitle align=left>Fri, Apr 02, 2010
The Straits Times </TD></TR><TR><TD height=15>
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</TD><TD vAlign=top align=right><FORM method=post name=emailToFriendForm action=emailToFriend.jsp><INPUT value=/vgn-ext-templating/asiaone/emailToFriend.jsp?vgnextoid=2e1da1bead7b7210VgnVCM100000430a0a0aRCRD&vgnextchannel=7949b9a9bf322110VgnVCM100000bd0a0a0aRCRD type=hidden name=emailToFriendPageURL> <INPUT value=http://www.asiaone.com/Motoring/Owners/Others/Story/A1Story20100401-207996.html type=hidden name=emailToFriendStoryLink> 
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</TD></TR><!-- Story With Image End --><TR><TD class=bodytext_10pt colSpan=3><!-- CONTENT : start -->By Tan Jiaqi
SECOND Minister for Transport Lim Hwee Hua's view ('COE spikes not due to formula change: Lim Hwee Hua'; Monday), that the Government's new formula to determine the number of replacement COEs was unconnected to the surge in prices of certificates of entitlement in the latest exercise, bears scrutiny.
The change to the new formula coincided with the exercise.
<TABLE border=0 cellSpacing=2 cellPadding=2 width=300 align=right><TBODY><TR><TD><SCRIPT language=JavaScript src="/static/ads/scripts/adsimu.js"></SCRIPT><SCRIPT type=text/javascript src="http://adtag.asiaone.com/tag/a1motoring/js/asiaone_motoring_imu.js"></SCRIPT><SCRIPT type=text/javascript src="http://ad.doubleclick.net/adj/AsiaOneMotoring/;pos=1;adtype=1;adtype=2;adtype=3;adtype=4;adtype=5;tile=5;sz=300x250;ord=5129629346888896?"></SCRIPT><!-- Copyright DoubleClick Inc., All rights reserved. --><!-- This code was autogenerated @ Mon Apr 05 22:45:54 EDT 2010 --><SCRIPT src="http://s0.2mdn.net/879366/flashwrite_1_2.js"></SCRIPT><OBJECT id=FLASH_AD classid=clsid
27CDB6E-AE6D-11cf-96B8-444553540000 width=300 height=250>
<EMBED src="http://s0.2mdn.net/2392433/pca09_2010Apr06_300x250.swf?clickTAG=http%3A//ad.doubleclick.net/click%253Bh%253Dv8/3985/3/0/%252a/n%253B223861803%253B0-0%253B1%253B39581297%253B4307-300/250%253B36249353/36267231/1%253B%253B%257Esscs%253D%253fhttp%3A//www.asiaone.com/specials/pca2009/" quality=high wmode=opaque swLiveConnect=TRUE WIDTH="300" HEIGHT="250" bgcolor=# TYPE="application/x-shockwave-flash" AllowScriptAccess="never"></EMBED></OBJECT><NOSCRIPT></NOSCRIPT></TD></TR></TBODY></TABLE>The Straits Times also indicated bigger-than-expected cuts in COE supply after the new formula was announced by Transport Minister Raymond Lim ('Big drop in COEs ahead', March 12).</P>While Mrs Lim is right in pointing out that the number of COEs allocated was a function of the number of cars deregistered, it is equally true that the function was changed.
Certainly, other factors such as the economic recovery led to the price spike.
But it is unfair to suggest that the Government was entirely not responsible.
First, there is no objective, scientific way to determine whether the new formula could not have caused the sharp spike in COE prices.
Second, the policy was formulated by the Government.
A more considered response - which acknowledges that the COE formula was one of several factors that led to the rise in COE prices - would have been more appropriate.
A more measured response would have encouraged public discourse rather than give the impression that public feedback was unnecessary because the Government is right.
This article was first published in The Straits Times.
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The Straits Times </TD></TR><TR><TD height=15>
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SECOND Minister for Transport Lim Hwee Hua's view ('COE spikes not due to formula change: Lim Hwee Hua'; Monday), that the Government's new formula to determine the number of replacement COEs was unconnected to the surge in prices of certificates of entitlement in the latest exercise, bears scrutiny.
The change to the new formula coincided with the exercise.
<TABLE border=0 cellSpacing=2 cellPadding=2 width=300 align=right><TBODY><TR><TD><SCRIPT language=JavaScript src="/static/ads/scripts/adsimu.js"></SCRIPT><SCRIPT type=text/javascript src="http://adtag.asiaone.com/tag/a1motoring/js/asiaone_motoring_imu.js"></SCRIPT><SCRIPT type=text/javascript src="http://ad.doubleclick.net/adj/AsiaOneMotoring/;pos=1;adtype=1;adtype=2;adtype=3;adtype=4;adtype=5;tile=5;sz=300x250;ord=5129629346888896?"></SCRIPT><!-- Copyright DoubleClick Inc., All rights reserved. --><!-- This code was autogenerated @ Mon Apr 05 22:45:54 EDT 2010 --><SCRIPT src="http://s0.2mdn.net/879366/flashwrite_1_2.js"></SCRIPT><OBJECT id=FLASH_AD classid=clsid
27CDB6E-AE6D-11cf-96B8-444553540000 width=300 height=250><EMBED src="http://s0.2mdn.net/2392433/pca09_2010Apr06_300x250.swf?clickTAG=http%3A//ad.doubleclick.net/click%253Bh%253Dv8/3985/3/0/%252a/n%253B223861803%253B0-0%253B1%253B39581297%253B4307-300/250%253B36249353/36267231/1%253B%253B%257Esscs%253D%253fhttp%3A//www.asiaone.com/specials/pca2009/" quality=high wmode=opaque swLiveConnect=TRUE WIDTH="300" HEIGHT="250" bgcolor=# TYPE="application/x-shockwave-flash" AllowScriptAccess="never"></EMBED></OBJECT><NOSCRIPT></NOSCRIPT></TD></TR></TBODY></TABLE>The Straits Times also indicated bigger-than-expected cuts in COE supply after the new formula was announced by Transport Minister Raymond Lim ('Big drop in COEs ahead', March 12).</P>While Mrs Lim is right in pointing out that the number of COEs allocated was a function of the number of cars deregistered, it is equally true that the function was changed.
Certainly, other factors such as the economic recovery led to the price spike.
But it is unfair to suggest that the Government was entirely not responsible.
First, there is no objective, scientific way to determine whether the new formula could not have caused the sharp spike in COE prices.
Second, the policy was formulated by the Government.
A more considered response - which acknowledges that the COE formula was one of several factors that led to the rise in COE prices - would have been more appropriate.
A more measured response would have encouraged public discourse rather than give the impression that public feedback was unnecessary because the Government is right.
This article was first published in The Straits Times.
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